All Forum Posts by: Tim Bishop

Welcome to the site!

Clinker Brick 2/1 approx 1600sq ft w/ 1/1 mother in law suite 750 sq ft

Asking 115k end buyer pays fees.

Arv 210-250k - Has the space to bring it up to the 2/2 or 3/2 comps.  ARV is not including the mother in law suite square footage or additional bedroom/bathroom and kitchen.

Rehab 60k+ (to turn main house into a 3/2) GC bid @ 65k 

A cosmetic and mechanical rehab could be done for 30-50k and may still be profitable, ARV is for a full remodel.

Contract Close date 1/5/15

Needs Electrical, HVAC, Foundation, Plumbing for new bath, Siding, Cosmetic and floorplan upgrades etc 

Disclosure: There are some additions to the house.  The homeowner says these were permitted along with the MIL Suite... but do your due diligence

Pictures available upon request

If you have any questions don't hesitate to text/call/email

Fort worth, flip DFW, wholesale, rehab, investment, historic, income property

The first thing I would do is take a razor blade and clean up the glass and make all those lines straight and scrape the loose paint and repaint.  Probably change the sink to a pedestal style or a small cabinet.  Maybe cover that painted tile with wainscoting and a chair rail.  That's all just minor stuff that YouTube can teach you. 

What it really needs is for the front of the toilet to be further away from the tub imo... But I don't know how far you want to take this. 

You might have some lead in that paint so be aware.  Also you need a gfci outlet, it doesnt appear to be one, unless its protected upstream somewhere.  Get a gfci tester, they're cheap.  If its not protected its a 10 dollar part.

I kind of think this was just a round about way to market for your company without paying the 10 bucks.  If I'm wrong well then that's fine... But that's sure what it looks like.  10 bucks is a Porsche lugnut so I think you can swing it.

Can you handle 10-20 units?  If you can, if you can get a commercial loan, if you can come up the minimum down payment and if you still have cash reserves to get you through tough times then it's a great idea.  I don't know you but that seems unlikely, I think you've got the right mindset though and I bet if you get a good start on a good property (that you can qualify for) and soak in all you can here on BP, then you can and likely will make it work! 

Fort Worth TX

No, that won't work... it won't matter if you occupy it as it won't qualify for a homeowner loan.  4 units is your limit.

I'm not a pro member but you can figure out all of that info by contacting @Joshua Dorkin 

@Krista Mikos 

You tried probate office now try justice of the peace for eviction records and contact those tired landlords.

I think getting a well priced rental property or two on a 15 year note would really help your retirement (take younger and inexperienced people's advice about retirement w/ a grain of salt), but you'll have to fit it into your schedule somehow.  10k is 20 percent on a sub 50k property so that's a limiting factor, if your worried about credit, get that figured out first if you want to buy and hold.  Podcast 37 with Aaron Mazzrillo had some nice tips for self managing without having to be at the property anytime something happens.  You could probably listen to all 100 hours of bp podcasts in about a week since you drive a truck, you should listen to @Dawn Anastasi 's podcast also, she gave lots of info about lower priced properties and she also talked about lending club which could be a way to get an acceptable rate on a signature loan for a lower priced cash property if you combine it with your 10k... still need credit for that.

If you don't think you can make anything happen, you can't.  Dave Ramsey's strategy on investment properties will have you buying a crack house with a squatter in the inner city unless you can save significantly more.  His investment strategy will absolutely work, I just can't see it working for you until you have a lot more cash.  I like Dave Ramsey's budgeting advice though, my wife and I use the envelope system in a way.  We have a separate points cc's for all of our budget categories and we pay it off every month.... Dave would hate that lol.  You need a combo of cash, leverage and equity capture to make it happen IMO.